SINGAPORE – Global food and agri-business company Olam International has released its 2020 Annual Report, highlighting its key achievements for the year with a particular focus on financial achievement and progress in sustainability commitments.
The company noted in its report that it successfully navigated the pandemic and emerged stronger, with a robust operational financial performance in 2020.
The company’s overall annual revenues went up 8.6%, totaling US$35.8 billion, including US$12.5 billion for its food division, despite the ongoing coronavirus pandemic.
In the report, Olam was also proud of the significant progress on its re-organisation plan aimed at unlocking and maximising long-term sustainable value.
The company has so far managed to split its operations into distinct divisions of Olam Food Ingredients (OFI) and Olam Global Agri (OGA).
A company committed to sustainable growth
The financial achievement was stellar, the company reorganization impeccable as described in the report. But perhaps the most notable achievements in 2020 as detailed by the annual report was the significant progress made in the sustainability front.
Sustainability in Olam is being championed under a program dubbed ‘Re-imagining Global Agriculture and Food Systems,’ which has so far a number of commendable achievements.
Olam says that through programs implemented under Re-imagining Global Agriculture and Food Systems,’ it was able to achieve 33% reduction in Green House Gas intensity for Olam processing emissions.
The company further noted that it was able to achieve significant milestone for Cocoa Compass which is currently able to track 12% of world’s cocoa beans back to an individual farm or community.
During the year 2020, Olam also achieved inclusion in FTSE4Good Index Series, reflecting strong Environmental, Social and Governance (ESG) credentials, which will further catalyse responsible investments.
The company also pioneered sustainable financing with the first sustainability linked fixed rate note issuance in Asia (ex-Japan) and was also awarded the 2020 Reuters Events Responsible Supply Chain Award for its sustainability insights platform AtSource.
It is worth to note that the award winning AtSource platform secured a US$1.45 billion from a number of banks including Barclays Bank; Citibank; Credit Agricole Corporate & Investment Bank; and DBS Bank to help fund activities carried over its platform.
The company said that its ‘Re-imagining Global Agriculture and Food Systems’ continues to be a key contributor to its strategy and will guide what it does to meet the food, feed and fibre needs of a growing global population while creating long-term value for all.
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